The American Institute of CPAs (AICPA) issued a statement following the passage of H.R. 1. The bill passed the House on July 3 and was signed into law by President Donald Trump on July 4.
In a July 3 statement, AICPA President and CEO Mark Koziel, CPA, CGMA, noted that although no bill is perfect, he believes the legislation includes several beneficial tax provisions that will support businesses and grow the economy.
“The tax provisions in this bill will help facilitate tax planning earlier in the year, which can help reduce the anxiety of the unknown for many taxpayers,” Koziel said. “We look forward to continuing our work with Congress and the Administration to improve these provisions as they are implemented.”
To help CPAs anticipate client needs, the AICPA released reconciliation charts comparing current tax law, the original H.R. 1 provisions, and the Senate’s reconciliation version. (Free site registration is required to download the charts.)
Read the full press release here: AICPA CEO Statement on the Passage of OBBB
